The index showed a value of £235,000 at the end of March and £232,000 at the end of April.
The difference between maximum and minimum readings of the Xafinity Transfer Value Index over April 2018 was £6,700 (or around 2.9%).
The Xafinity Transfer Value Index tracks the transfer value that would be provided by an example DB scheme to a member aged 64 who is currently entitled to a pension of £10,000 each year starting at age 65 (increasing each year in line with inflation).
Sankar Mahalingham, head of DB growth, Xafinity Punter Southall said: “There was a fall in transfer values between the start and end of April, due mainly to an increase in gilt yields, with inflation remaining relatively stable.
“There was more volatility in transfer values during April than in recent months (at almost 3%); though this is still low compared to the volatility we saw during 2017, where in some months the index fluctuated by over 5%.”